WASHINGTON, D.C. – Today the Financial Services Institute submitted a comment letter to the Department of Labor (DOL) regarding its proposed fiduciary rule.
“Since 2009, before Dodd-Frank was law, we supported the creation of a uniform fiduciary standard,” said FSI President & CEO Dale Brown. “However, the Department of Labor’s current proposal is unworkable. It will limit Main Street Americans’ access to much-needed retirement advice, and studies show that savers who work with an advisor save more money compared to those who try to invest on their own. The proposal will also add complexity to an already complicated regulatory environment, not only for broker-dealers, investment advisers and financial advisors, but also for investors. We are eager to work with the DOL to ensure our shared investor protection goals are met without limiting access to quality, affordable financial advice, products and services.”
About the Financial Services Institute (FSI): The Financial Services Institute (FSI) is the only organization advocating solely on behalf of independent financial advisors and independent financial services firms. Since 2004, through advocacy, education and public awareness, FSI has successfully promoted a more responsible regulatory environment for more than 37,000 independent financial advisors, and more than 100 independent financial services firms who represent upwards of 160,000 affiliated financial advisors. We effect change through involvement in FINRA governance as well as constructive engagement in the regulatory and legislative processes, working to create a healthier regulatory environment for our members so they can provide affordable, objective advice to hard-working Main Street Americans. For more information, please visit financialservices.org.